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Sun Media Says Torstar's Bid
Falls Short, Despite Premium

By

Solange De Santis Staff Reporter of The Wall Street Journal

Updated Oct. 30, 1998 12:01 a.m. ET

TORONTO -- Canadian newspaper chain Sun Media Corp., responding to a surprise takeover bid by Torstar Corp., said it believes the offer "doesn't reflect the true value of Sun Media," despite the premium of more than 60% to where the stock had been trading.

After a four-hour meeting Thursday, Sun Media's board said it formed a committee of outside directors and retained CIBC Wood Gundy Securities Inc. as its financial adviser...